Horngren's Accounting, Student Value Edition (12th Edition)
Horngren's Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134487151
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 8, Problem S8.6SE

Recording credit card and debit card sales

    Learning Objective 5

Restaurants do a large volume of business by credit and debit cards. Suppose Summer, Sand, and Castles Resort restaurant had these transactions on January 28, 2018:

    National Express credit card sales $10,800
    ValueCard debit card sales 10,000

Requirements

  1. Suppose Summer, Sand, and Castles Resorts processor charges a 2% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant.
  2. Suppose Summer, Sand, and Castles Resort’s processor charges a 2% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant.

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Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2013. At the end of 2013, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary difference). If the enacted tax rate is 34% for all periods, and income taxes payable for the period is $230,000, determine the amount of total income tax expense to report for 2013.(Subject:- General Account)
Calculate the selling price solution this question
Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2013. At the end of 2013, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary difference). If the enacted tax rate is 34% for all periods, and income taxes payable for the period is $230,000, determine the amount of total income tax expense to report for 2013.

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Horngren's Accounting, Student Value Edition (12th Edition)

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